Here’s another name to add to the list of life science-focused venture firms raising or closing funds over $100 million this year: Longitude Venture Partners.
The VC firm that specializes in medical device, biotechnology, diagnostics and R&D tools investment revealed in a U.S. Securities and Exchange Commission filing last week that it has raised more than $331 million for a second fund and could continue raising up to $375 million. A partner at the firm was not available to comment.
Attractive deals for Longitude are with companies developing clinically and cost-effective treatments for unmet medical needs, and platform technologies that facilitate novel product development, the firm says on its website. It gives preference to early stage medical device and mature biotechnology companies, but will invest in companies at any stage with an average investment of $10 million to $30 million total.
Longitude’s portfolio includes several publicly traded companies such as Amarin (NASDAQ:AMRN), Cadence Pharmaceuticals (NASDAQ:CADX), Corcept Therapeutics (NASDAQ:CORT) and Jazz Pharmaceuticals (NASDAQ:JAZZ). It also holds stake in a number of privately held companies including diagnostic test makers CardioDx and Precision Therapeutics, and pain drug developers Collegium and Xanodyne Pharmaceuticals.
Longitude closed its $325 million inaugural fund in 2008. It’s exited a few companies recently including eyeonics to Bausch & Lomb in 2008, Ablation Frontiers to Medtronic for $225 million in 2009 and Sadra Medical to Boston Scientific for $225 million in 2010.
The firm, with offices in Menlo Park, California and Greenwich, Connecticut, joins the company of numerous others raising or closing $100 million-plus venture funds focused on health this year. They include Frazier Healthcare Ventures, Avalon Ventures, Harbert Venture Partners, SightLine Partners, Index Ventures/GSK/Johnson & Johnson, Flagship Ventures and Canaan Partners.